I. FINANCING OF PRIVATE BIOTECHNOLOGY COMPANIES: $103.4M
Company | Location |
Date |
Amt. (M) |
Investors |
Compugen Ltd. (2nd round) | Tel Aviv, Israel |
12/15 | $15 |
Clal Biotechnology Industries led this financing round, which included other new investors Hapoalim Investments, Ampal, Evergreen Funds and Cayrex Private Equity |
CytoLogix Corp. (2nd round) |
Cambridge, Mass. |
12/2 | $5.4 |
The principal investors in this financing round included Advanced Technology Ventures, Oxford Bioscience Partners, Hambrecht & Quist, Massachusetts Technology Development Corp. and the Community Technology Fund of Boston University; these same investors participated in CytoLogix's 1st-round financing in 1/98 |
Novirio Pharmaceuticals Ltd. |
Cambridge, Mass. |
12/14 | $12 |
This financing was led by BB Bioventures LP and managed by MPM Asset Management (start-up financing) |
Ontogeny Inc. (mezzanine-plus) |
Cambridge, Mass. | 12/1 |
$28 | This financing was led by Vulcan Ventures and other existing investors Charles River Ventures, Greylock Management, Highland Capital Partners, J.H. Whitney & Co., affiliates of Medical Science Partners, New York Life Insurance Co., OneLiberty Ventures, Sutter Hill Ventures and Alex Zaffaroni; they were joined by new investors Atwill Holdings Ltd., Fujigin Capital Co., Moss Forest Venture, Muzinich & Co., New England Partners, New Medical Technologies and five select individual investors |
OraPharma Inc. (2nd round) | Warminster, Pa. |
12/14 |
$16 | Existing investors participating in this financing round (series C stock) included Oak Investment Partners, Canaan Partners, TL Ventures and Frazier & Co.; new investors were led by Domain Associates and included HealthCap KB, Biotechnology Investments Ltd. and SenMed Medical Venture |
Pangea Systems Inc. (2nd round) | Oakland, Calif. |
12/14 | $15 |
This Series C financing round was led by MDS Capital Corp. and Boston Millennia Partners; also participating were previous investors Institutional Venture Partners, Mayfield Fund and Kleiner Perkins Caufield & Byers as well as new investors Levensohn Capital Management and Moss Forest Ventures |
Scriptgen Pharmaceuticals Inc. (3rd round) | Waltham, Mass. |
12/15 |
$12 | Scriptgen sold $12M of convertible preferred stock to new investors Sofinov and a fund managed by International Biomedicine Partners |
II. MILESTONE PAYMENTS AND EQUITY INVESTMENTS FROM CORPORATE PARTNERS: $1.0M
Company (Symbol) | Partner (Symbol; Country) | Amt. (M) |
Triggering Event | Details (Date) |
IntraBiotics Pharmaceuticals Inc.* |
Pharmacia & Upjohn Inc. (NYSE:PNU; U.K.) |
$1 | Completion of Phase I trial on Protegrin IB-367 |
The companies entered an agreement in 10/97 to develop and market the topical antimicrobial compound IB-367 (synthetic peptide based on natural host defense peptide protegrin) for treating oral mucositis; IntraBiotics completed the Phase I trial, triggering a $1M milestone (12/1) |
III. PIPE/REG. S FINANCINGS: $85.2M
Company | Type |
Amount |
Number Of Shares/Units (M) |
Share/Unit Price | Discount | Placement Agent (Date) |
Inhale Therapeutic Systems Inc. (INHL) |
PIPE |
$37.2 |
1.2S |
$31.00 |
2% | Inhale sold 1.2M newly issued shares of common stock at $31.00 each to the Smallcap World Fund Inc. and American Variable Insurance Series Growth Fund (both managed by Capital Research and Management Co.); Volpe Brown Whelan & Co. acted as the placement agent (12/10) |
Triangle Pharmaceuticals Inc. (VIRS) |
PIPE |
$48.0 | 4.8S | $10.00 |
15% | Triangle sold 4.8M newly issued shares of common stock at $10.00 each to selected institutional and other accredited investors; Vector Securities International Inc. acted as the placement agent (12/15) |